Editing Nordea (section)

== Scandals ==
Nordea was the subject of an online phishing scam in 2007. The company estimated 8 million [[Swedish krona|kr]] ($1.1 million) was stolen.<ref name=":0">{{Cite web|date=2012-06-29|title=Swedish bank hit by 'biggest ever' online heist - CNET News|url=http://news.cnet.com/Swedish-bank-hit-by-biggest-ever-online-heist/2100-7349_3-6151546.html|url-status=dead|archive-url=https://archive.today/20120629075315/http://news.cnet.com/Swedish-bank-hit-by-biggest-ever-online-heist/2100-7349_3-6151546.html|archive-date=2012-06-29|access-date=2019-09-19|website=archive.is}}</ref> Customers were targeted over a period of 15 months with [[phishing]] emails containing a [[Trojan horse (computing)|trojan horse]].<ref>{{Cite news|date=2007-01-19|title=Bank loses $1.1m to online fraud|language=en-GB|url=http://news.bbc.co.uk/2/hi/business/6279561.stm|access-date=2019-09-19}}</ref> Nordea refunded affected customers.<ref name=":0" />

The largest [[Financial institution|financial group]] in the Nordic region, Nordea was, despite warnings from the [[Financial Supervisory Authority (Sweden)|Swedish Financial Supervisory Authority]] (FI) active in using offshore companies in tax havens according to the Panama papers.<ref name="mordea">{{cite web|title=Nordea grundade hundratals skatteparadisbolag åt kunder|date=3 April 2016 |url=http://svenska.yle.fi/artikel/2016/04/03/nordea-grundade-hundratals-skatteparadisbolag-kunder|access-date=4 April 2016|publisher=Svenska Yle}}</ref> Other Swedish banks were mentioned in the documents, but mention of Nordea occurred 10,902 times and the second-most mentioned bank has 764 matches.<ref name="SvdVeta3">{{cite web|author=Frida Svensson|title=Detta behöver du veta om Panamaläckan|url=http://www.svd.se/detta-behover-du-veta-om-panama-lackan#sida-3|access-date=28 December 2017|website=Svd.se|date=4 April 2016 }}</ref> In 2012, Nordea asked [[Mossack Fonseca]] to change documents retroactively so that three Danish customers power of attorney documents had been in force since 2010.<ref name="mordea" /> Nordea bank loaned billions of euros to shipping companies that own vessels in secrecy jurisdictions such as Bermuda, Cyprus, Panama, BVI, the Cayman Islands and the Isle of Man. In the [[Paradise Papers]], Nordea was shown to have lent a significant amount of money to customers based in tax havens.<ref>{{cite web|title=The International Consortium of Investigative Journalists - Paradise Papers|url=http://www.europarl.europa.eu/cmsdata/133985/5%20-%2001%20Paradise%20Papers%20hearing%20ICIJ.pdf}}</ref> As a consequence of the leaked documents, the Swedish Financial Supervisory Authority (FI) stated on 4 April 2016 that it had started an investigation into the conduct of Nordea.

The Nordea section in Luxembourg, between the years 2004 and 2014, founded nearly 400 [[offshore companies]] in [[Panama]] and the [[British Virgin Islands]] for its customers.<ref name="mordea"/> The Swedish Financial Supervisory Authority (FI) pointed out that there are "serious deficiencies" in how Nordea monitors [[money laundering]], and gave the bank two warnings. In 2015, Nordea paid the largest possible fine - over 5&nbsp;million [[Euro|EUR]].<ref name="mordea" /> [[Stefan Löfven]], [[Prime Minister of Sweden]], said in 2016 that he was very critical of the conduct of Nordea and its role, and said: "They are on the list of shame too".<ref name="GpSkams">{{cite web|title=Löfven: Nordea på skämslistan|url=https://www.gp.se/nyheter/sverige/1.3047548-lofven-nordea-pa-skamslistan|url-status=dead|archive-url=https://archive.today/20160405073335/https://www.gp.se/nyheter/sverige/1.3047548-lofven-nordea-pa-skamslistan|archive-date=5 April 2016|access-date=28 December 2017|website=Gp.se}}</ref> The Swedish minister of Finance [[Magdalena Andersson (Social Democrat)|Magdalena Andersson]] characterized the conduct of Nordea as "a crime" and "totally unacceptable".<ref name="local-nordea">{{cite web |title=Nordea bank investigated over tax haven scandal |date=4 April 2016 |url=http://www.thelocal.se/20160404/swedens-nordea-bank-in-global-tax-tangle |publisher=The Local (Sweden) |access-date=4 April 2016 |quote=Reacting to Nordea's role in the scandal, Sweden's Finance Minister Magdalena Andersson told Swedish reporters: "It is a crime — tax evasion — it is totally unacceptable". Sweden's financial supervisory authority, Finansinspektionen, has said that it will launch an investigation into Nordea's overseas activities.}}</ref><ref name="yle-nordea">{{cite web |title=Monday's papers |url=http://yle.fi/uutiset/mondays_papers_panama_papers_local_finns_party_vice_chair_sacked_world_champ_dreams_knocked_out/8785280 |publisher=[[YLE]] |access-date=4 April 2016 |date=4 April 2016}}</ref> The director for Nordea Private banking Thorben Sanders admits that before 2009 they did not screen for customers that tried to evade tax. "At the end of 2009 we decided that our bank should not be a means of tax evasion" says Thorben Sanders.<!--”I slutet av 2009 beslöt vi att vår bank inte längre ska kunna användas för att kringgå skatt”--><ref name="mordea" /> Nordea CEO [[Casper von Koskull]] stated that he was disappointed with the shortcomings within Nordea's operating principles, saying that "this cannot be tolerated".<ref>{{cite web |url=http://www.helsinkitimes.fi/finland/finland-news/domestic/14117-nordea-failed-to-implement-operating-principles-finds-internal-inquiry.html |title=Nordea failed to implement operating principles, finds internal inquiry |first=Aleksi |last=Teivainen |website=Helsinkitimes.fi |date=22 July 2016 |access-date=28 December 2017}}</ref>

In 2013, ''Politiken'', a Danish newspaper, revealed that Nordea's Copenhagen branch was instrumental in establishing approximately 100 offshore companies for Russian and other nationals, despite warnings about suspicious activities. In 2024, the Danish authorities indicted Nordea for violating anti-money laundering laws by allowing $3.7 billion of suspicious transactions by the Russian clients. According to the Danish authorities, it was most extensive moneylaundering ever committed by a financial company in the country.<ref name=":13" />

In March 2019, public service broadcasting company, [[Yle]], aired a program that revealed money laundering allegations against Nordea.<ref>{{Cite news|date=2019-03-04|title=Nordea handled about $790 million in suspicious transactions: Finnish TV|language=en|work=Reuters|url=https://www.reuters.com/article/us-nordea-bnk-moneylaundering-idUSKCN1QL11S|access-date=2019-09-20}}</ref> The company was the biggest Nordic lender allegedly involved in the multi-million-dollar money laundering scheme, according to Bloomberg.<ref>{{Cite web|last1=Pohjanpalo|first1=Kati|last2=Hoikkala|first2=Hanna|title=Nordea Sinks as Investors Fear More Money Laundering Allegations|url=https://www.bloomberg.com/news/articles/2019-03-04/nordea-drops-finnish-yle-to-send-money-laundering-program|access-date=2019-09-20|website=www.bloomberg.com|date=4 March 2019 }}</ref>

In July 2024, Nordea Bank was taken to court in [[Denmark]] over allegations of failing to prevent money laundering linked to [[Russia]]n clients. The charges stem from transactions worth €3.8 billion, where Nordea is accused of neglecting proper oversight and ignoring red flags. Despite setting aside €95 million for potential fines, the actual penalty could be significantly higher, possibly approaching $1 billion.<ref>{{Cite web|title=Denmark charges Nordea over 2012-15 money laundering cases |url= https://www.reuters.com/business/finance/denmark-takes-nordea-court-possible-breaches-anti-money-laundering-act-2024-07-05/ |date=2024-07-05|access-date=2024-10-18|website=[[Reuters]]}}</ref><ref>{{Cite web|title=Nordea Risks $1 Billion Money Laundering Fine, Experts Say |url= https://www.bloomberg.com/news/articles/2024-07-11/nordea-risks-money-laundering-fine-near-1-billion-experts-say |date=2024-07-11|access-date=2024-10-18|website=[[Bloomberg News|Bloomberg]]}}</ref>

In August 2024,  Nordea agreed to pay $35 million to settle a money-laundering investigation by the [[New York State Department of Financial Services]], linked to the [[Panama Papers scandal]]. The probe revealed the bank's failure to prevent illegal activities, including inadequate screening of clients from 2008 to 2019.<ref>{{Cite web|first=Carmen|last=Molina Acosta|title=Nordea to pay $35 million to end Panama Papers-linked money laundering probe|url= https://www.icij.org/investigations/offshore/nordea-to-pay-35-million-to-end-panama-papers-linked-money-laundering-probe/|date=2024-08-30|access-date=2024-10-18|website=[[ICIJ]]}}</ref>